The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-12-07
SHORT, BUT TO THE POINT.
CLEvELAND'S MESSAGE DEVOTED
ENTIRELY TO THE TARIFF.

WASHINGTON, Dec. 0.--Following is the
text in full of the annual message which
President Cleveland submitted to Congress
to-day:
To THE CONGRESS OF THE UNITED STATES:
You are confronted at the threshold Of your
legislative duties with a condition Of the ma
tlonal finances which imperatively demands i'm.
mediate and careful consideration. The amount
or money annually exacted through the opera
ton of present laws from the industries and
necessities OF the people largely exceeds the
sum necessary to meet the expenses of the gov.
ernment When we consider that the theory OF
our institutions guarantees to every citizen the
full enjoyment of all the fruit Of his industry
and enterprise, with only such deduction
as may be his share toward the careful
and economical maintenance of the government
which protects him, 1t is plain that the exaction
of more than this is indefensible extortion and
culpable betrayal or American fairness and
Justice. This wrong inflicted upon those who
bear the burden of national taxation, like other
wrongs, multiphes brood OF evil consequences.
The public Treasury, which should only exist as
conduit conveying the peoples tribute to its
legitimate object of expenditure, becomes a
boarding place for money needlessly withdrawn
from trade and the peoples use, thus Gripping
our national energies, suspending our
country's development, preventing In
financial and eneTRs9 nRSn:
schemes OF public plunder. This condition OF
our Treasury is not altogether new; and Il has
more than once Of late been submitted TO the
peoples representatives In the Congress- who
alone can apply remedy and yet the situatiop
still continues with aggravated incidents more
than ever presaging financial convulsion ard
widespread disaster, 1t will not do to neglect
this situation because its dangers are not now
palpably imminent and apparent They exist
none the less ce tainly and await the unfore'
seen and unexpected occasion when suddenly
they will be precipitated on u.s.
THE EXCESS OF REVENUE.
On the 30th daV Of luna 19S5 the qxcaae M
revenue over the public expenditures after COM
plying with the annual requirement of the sink.
ing fund excess was $17,S59,735 "a; during the
year ended June 30, 1886, such excess amounted
TO S49, 545 20; and during the year ended June
3d. 1887, it reached the sum Of S55, ,564S49 81.
The annual contribution to the sinking fund
during the three years above specified, amount
ing in the aggregate to $13S, ,05S, 800 81 and de-
Quoted from the surplus as stated, were made
by calling in for that purpose outstanding pes
cent bonds Of the government During the six
months prior TO June 30 1887. the surplus reve.
nue. had grown so large by repeated accumua-
tions, and it was feared the withdrawal of this
great sum of money needed by the people would
so effect the business of the country that the sum
of 1854, 100 of such surplus was applied to the
payment Of the principal and interest of the
per cent. bonds still out tanding, and which
were then payable at the option of the govern.
ment. The precarous condition of financial
affairs among the people still needing relief,
Immediately after the 30th day of June, 1887,
the remainder of the 3 per cent. bonds then
outstanding, amounting with principal and
interest TO the sum of S1S,S77 800, were called
in. applied to the sinking fund contribution for
the current fiscal year Notwithstanding
these operations of the Treasury Department,
representations of distress in business circles
not only continued but increased and absolute
peril seemed at hand. In these circumstances
the contribution TO the sinking fund for tho
current fiscal year was at once completed by
the expenditure of S27, ,6S4 2S3 So In the purchase
of government bonds not yet due, bearing and
~ per cent. interest, the premium paid thereon
aNArnQInR u
former and per cent. for the latter.
In addition to this the interest accruing
ing bonded indebtedness Of the government
was to some extent anticipated, and the banks
selected as repositories OF public money were
permitted to somewhat increase their deposits,
while the expedients thus employed to release
to the people the money lying idle In the Treas
ury served to avert immediate danger.
STILL AccUNuLATING.
But surplus revenues have continued to acctl.
mulate. the excess for the present year amount
ing on the first day of December to SIS, ,2je T01 49,
and estimated to reach the sum of Sii3, 900
on the thirtieth day OF June next, at which date
It is expected that this sum, added to prior ac.
cumulations, viii swell the surplus in the Treas'
rI-y to $40 000, 900. There seems to be no as
surance that with such withdrawal from use
of the peoples circulating medium our business
community may not in the near future be sub
iected to the same distress which was quite
lately produced from the same cause, and while
the functions of our national Treasury should be
few and simple, and while its best condition
would be reached believe, by its entire discon.
nection with private business interests, yet
when by perversion Of its purposes, 1t idly
holds money uselessly subtracted from the
channels Of trade, there seems TO be reason fou
the claim that some legitimate means shonld be
devised by the government to restore in an
emergency, wlsnout waste or extravaganza.
such money to its place among the people,
IL such an emergency arises there now exists no
clear and unidentified executive power of relief
Heretofore the redemption of per cent. bonds.
which were payable at the option Of the govern.
ment, has offered means OF a disbursement OF
the excess of our revenues; but these bonds
have all been retired, and there are no bonds
outstanding, the payment OF which we have the
right to insist upon. The contribution to the
sinking fund, which furnishes the occasion for
the expenditure in the purchase of bonds, has
been already made for the current year,
so that there is outlet in that direction.
In the present state of legislation the only pre-.
tense of any existing executive power to restore
at this time any part of our surplus revenues to
the people by its expenditure consists in the
supposition that the Secretary of the Treasury
NAV enter the market and purchase the bonds
OF the government not yet due ct q rate OF pre-.
MUM to be agreed upon The only provision q
law from which such power could be derived
is found in an appropriation Dill passed nunr
Der of years ago, and it is subject to the sus
piclon that It was intended as tenr
porary and limited in its applica-
ton instead of comforting continuing
discretion and authority. No condition
ought to exist which would justify the grant Of
mower to a single official-upon his Judgment 81
It's necessity-to withhold from or release to tho
business of the people in an unusual manner
money held in the Treasury, and thus AFFECT, az
his will the financial situation OF the country,
and if 1t is deemed wise TO lodge in the Secres
tary of the Treasury the authority in the pres.
ent iuncture to purchase bonds It should be
plainly vested and provided as far as possible,
with such checks and limitations as will define
this officials right and discretion, and at the
same time relieve him from undue RESPONSE
bity. In consideration OF the question OF pur
chasing bonds as a means of restoring TO cir
culation the surplus money accommodating In ths
Treasury, it should be borne in mind that
premiums must of course be paid upon such
purchase, that there may be a large part OF
these bonds held as investments which cannot
be purchased at any price, and that conbina-
tions among holders who are willing to sell may
unreasonably enhance the cost of such bonds to
the government.
REFUNprNG OF THE DEBT.
It has been suggested that the present bonde5
debt might be refunded at less rate OF
interest the difference between the old and
new securities in cash thus finding use for tho
surplus In the Treasury. The success or this
plan, tits apparent, must depend upon the volls
tion of the holders of the present bonds, and N
Is not entirely certain that the inducemens
which must be offered would result in morA
financial benefit TO the government than tbs
purchase of bonds, while the latter .propositio4
would reduce the principal OF the debt by actuaT
payment instead OF extending it. The PROPOSE
ton to deposit the money held by the govern.
ment In bonds throughout the country for uss
by the people is, 1t seems TO me, exceedingly